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Mike Michalski & Sachi Fujita’s
A Real Estate Resource for the Beach Cities of Manhattan, Hermosa, Redondo and Beyond
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“Do you believe in UFOs, astral projections, mental telepathy, ESP, clairvoyance, spirit photography, telekinetic movement, full trance mediums, the Loch Ness monster and the theory of Atlantis?”
˜Annie Potts as Janine Melnitz in ‘Ghostbusters’
For years now, we’ve watched 606 Anderson Street in the Manhattan Beach Hill section languishing in a deconstructed state, its stucco stripped away, exterior light fixtures gone, a tarp draped across the front and roof tiles stacked on the roof, waiting for a roofer who never came back.
It almost seems as though the home was abandoned, as if everyone was frightened off or saw a ghost and fled the property mid-construction.
Back in 1998, this was a brand new five bedroom Mediterranean-style home when it first sold for $950,000. Subsequent owners paid $1,135,000 in 2000 and, once the real estate bubble really took hold, $2,100,000 in 2005.
But then trouble began. Mold and other issues presented themselves to the new owner and a lawsuit was filed on October 13, 2006, against the builder, various subcontractors and the previous owners.
Interestingly, the owner even sued the brokers of record in the 2005 purchase, including her own real estate agent (yikes!), the latter because, as best we can tell, he did not enlist the assistance of a qualified environmental hygienist to test for mold.
The issue of mold can be a prescription for a lawsuit if you are paying top dollar for a home in supposedly turnkey condition and mold starts to appear after you’ve moved in.
While that lawsuit has since been settled, a new one has cropped up (filed May 27, 2011) pitting the owner against the contractors she hired to rehab the place (double yikes!).
A New Start
But there is a new day a-dawning.
Presumably, all the previous litigation has been settled because, in an off-market transaction, 606 Anderson was purchased in late May by a prominent local flipper, Estate Construction & Development, for $1.7 million.
Look for this beaten-up 5-bedroom, 3280 sq.ft. Mediterranean to undergo a significant transformation in the coming months. The neighbors will most certainly be pleased to see this blight on their block finally cured.
A developer client of ours won the bidding war last November for a 40 x 135 Tree section lot. At the time, it seemed as though they paid a premium over market value. Not any more.
An interesting article from the Wall Street Journal reports on a study by online residential real estate site Trulia that examines which tree names are the most popular street names in the US. Turns out over 5% of listings are on streets with tree names with the most common tree variety being oak, followed by […]
What could be one of the largest marketing campaigns for a South Redondo home finally concludes with a 7-month escrow and a huge overbid. Read more here.
A recent Hermosa Sand section sale, essentially a lot sale, garnered a lot of interest and a huge overbid to the listing price. Read more here.
In this hot seller’s market, now is the time to unload a property that may be very desirable in most respects but which would be difficult to sell in another market for reasons having nothing to do with the home itself. We offer some examples here.
A large corner lot on Highview Avenue – 828 Highview – in the Manhattan Beach Hill section has just hit the market asking $6,350,000. That’s some high-priced dirt. We looked at this property on Friday. The 3BR, 2079 sqft house that sits on the lot is salvageable, but barely. And, really, why would you even […]
Rami Nassif had a long career building estate homes in the South Bay, including a number of homes in the Manhattan Beach Tree section. But things took a turn for the worse when he started on his ocean-view dream home in South Redondo. The latest developments regarding his unfinished house at 733 North Paulina Avenue are chronicled here.
Another bunch of lots have sold off-market in Manhattan Beach, with one buyer getting a particularly sweet deal. See if you can spot which buyer is the winner in these six off-market lot sales.
The phenomenon of high-end homes selling off-market is not confined to the tonier enclaves of Manhattan Beach. Some pretty nice homes have also been showing up on the MLS as ‘Pending’ and ‘Sold’ in Hermosa Beach. here’s some background on four off them.